Why? Because the corporate tax code is so complicated, keeping IRS agents in Houston is actually the easiest thing for both the IRS and Exxon (XOM, Fortune 500) -- where tax returns run 20,000 pages.

The U.S. corporate tax code is often described as "inefficient" and "complex." It is never described as "good." At the root of the problem: A system of inverted incentives that encourage corporations to lobby for special tax breaks -- and politicians to insert them into the code.

The corporate tax rate is purportedly 35%, one of the highest in the world. But not every corporation pays that rate. In fact, some companies are so good at taking advantage of special tax breaks, they pay no taxes at all.

All the modifications amount to government spending by another name. Businesses don't get a check from the government, but they save money just the same. And the federal government ends up with less tax revenue, adding to deficits. (Parsing Exxon's tax bill)

In 2010, Exxon employed 50 lobbyists, and spent $12,450,000 to influence lawmakers, according to the Center for Responsive Politics. What does that buy you?

Over time, it buys a raft of tax breaks. And the process is repeated across every industry. NASCAR racetrack owners are allowed to write off the costs of their racetracks. There's the sweet deal for companies that make Puerto Rican rum.

The flip side

For all the money and time spent on this process, the results are not pretty.

In order to keep up with changes in the tax code, corporate America is forced to hire lawyers and accountants at great cost. They help companies minimize their tax base, and bring home the bacon for shareholders.

But those lawyers advise their bosses to do funny things, like stash cash overseas to avoid repatriation taxes. And sometimes corporations even make business decisions based on the tax breaks involved.

Eventually, the chickens will come home to roost.

Some companies -- like GE -- have taken a cue from the tax code and structured themselves in a way designed to keep taxes very low, Gleckman said.

"These are companies that not only take advantage of tax breaks, but they wouldn't even exist without them," Gleckman said. "The stakes are higher for them."

Politicians from both sides of the aisle agree that corporate tax reform is necessary. They disagree on what the target rate should be, but everyone recognizes the need for change.

However, it's probably not coming soon. The Obama administration has yet to release a detailed plan for reform, and the prospects of passing any kind of reform during an election year are dim. That leaves lawmakers with a narrow window to act.